There are many allowances and reliefs available that can help you minimize any tax liabilities on earnings, profits of trade, or gains when you sell assets. Business Consulting Hub accountants can help you find which ones will save the most taxes for you.
The Revenue has helplines for taxpayers, but their staff does not give you advice on how to minimize your taxes. We offer clients tax planning reviews and make sure they only pay the taxes that they need to.
We will find a tax saving scheme for you, no matter your planning needs. Contact us to get specific tax planning tips and advice for your business.
Here are a few tax tips that give guidance on tax saving strategies and should answer some of your questions.
Employing Your Spouse
You can give your spouse a salary if he/she helps you with general administration or has another role in your business. However, you need to follow salary rules and have documentation that payments were made. Sole traders with higher rate tax liabilities will benefit from this arrangement. You can make further tax savings if you set up an employer pension scheme.
Selling Additional Homes
Ask a solicitor to affix a part of your price on any wasting chattels—garden sheds and similar fixtures—if you are selling your second or third home and you want to reduce Capital Gains Tax. You do not pay tax for wasting chattels when you sell them. Seek advice regarding Stamp Duty Land Tax if you utilize this method.
Capital Gains – Using Your Home as an Office
You may get a tax charge if you claim tax relief to use a room in your home as an office and you sell it. We can help you minimize or mitigate a capital gains tax liability if this happens.
Recover VAT on the invoices that you paid or received before you registered by including the input VAT on your first return. Make sure you have your VAT invoices, and keep a schedule of adjustments. Be aware that there are time limits and rules for this method. Speak with your accountant if you are unsure.